Indiana § 24-4.5-3-604 Limitation on default charges in consumer related loans

Indiana Statutes

§ 24-4.5-3-604 — Limitation on default charges in consumer related loans

Indiana·Art. 4.5 UNIFORM CONSUMER CREDIT CODE·Ch. 3 Loans

Limitation on Default Charges in Consumer Related Loans —

(1)The agreement with respect to a consumer related loan may provide for only the following charges as a result of the debtor's default:

(a)reasonable attorney's fees and reasonable expenses incurred in realizing on a security interest;

(b)deferral charges not in excess of twenty-five percent (25%) per year of the amount deferred for the period of deferral; and

(c)other charges that could have been made had the loan been a consumer loan.

(2)A provision in violation of this section is unenforceable. Formerly: Acts 1971, P.L.366, SEC.4. As amended by Acts 1982, P.L.150, SEC.7; P.L.73-2016, SEC.13.

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Limitation on Default Charges in
Consumer Related Loans — (1) The agreement with respect to a
consumer related loan may provide for only the following charges as
a result of the debtor's default:
(a) reasonable attorney's fees and reasonable expenses incurred in
realizing on a security interest;
(b) deferral charges not in excess of twenty-five percent (25%)
per year of the amount deferred for the period of deferral; and
(c) other charges that could have been made had the loan been a
consumer loan.
(2) A provision in violation of this section is unenforceable.
Formerly: Acts 1971, P.L.366, SEC.4. As amended by Acts
1982, P.L.150, SEC.7; P.L.73-2016, SEC.13.

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